Home Business News Poundworld founder, Deloitte spar over rescue bid

Poundworld founder, Deloitte spar over rescue bid

by Purvai Dua
2nd Jul 18 4:36 pm

Find out what each said

Founder Chris Edwards, who sold Poundworld in 2015, has accused the discount retailer’ administrator of putting the rescue plan at risk, according to latest reports.

Edwards has claimed that Poundworld failed because it was “mismanaged”.

Accusing administrators at Deloitte of being more interested in securing money for creditors than saving jobs, Edwards said: “I contacted the administrator four weeks ago and was just paid lip service until everyone else they were talking to about saving Poundworld had walked away. The process has taken so long that the shops are now holding closing-down sales and selling stock that isn’t being replenished, so, with every day that passes, the task of saving the business becomes more difficult and puts another nail in the coffin.

“It’s clear that the lack of action by the parties running the process has put jobs even more at risk but, when I’ve raised concerns over the timescale, they say their priority is to creditors, so it will be interesting to see how much cash is left after the administrators’ fees and wages.”

Hitting back, Deloitte has now told Sky News: “We have provided guidance to indicate how a successful bid might be structured and have provided detailed information to assist bidders in an effort to help them wherever possible. In the interim, as one would expect in these circumstances, we are preparing for all eventualities as this process continues.”

Deloitte was appointed as the administrator of Poundworld in June.

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]